Increase Your Revenue Streams

Saturday, July 12, 2014
As a freelance writer, I plans months ahead to guarantee I have a steady stream of cash flowing to my bank account. If I don't have a lot of $$ deposited, the hubby gets a little cranky, the juggling game begins and I get upset with myself because I question if I worked hard enough.

Maybe I didn't work smart enough.

That's why it's important to have more than one revenue stream. It should be fairly obvious that, as a freelancer, a writer shouldn't put all her eggs in one publication basket. You aim for several good paying markets. Or ... you diversify. Some business experts report that freelancers should have 10 revenue streams. (How many do you have?)

There are other strategies to create revenue streams that can increase a writer's bang for the buck. Here are a few ideas:

  • Paid speaker. Why not talk about what you know best: writing. I had had the opportunity to speak to several groups of all ages about my writing adventures. Granted, I am not raking in millions of dollars, but one or two talks a month may be enough to make our house payment.
  • Instructor. Again, why not share what you know best: writing. Teach a class or workshop at a local library or community college. I have done both and it's been a great supplemental income, as well as a wonderful networking opportunity.
  • Online instructor. Why not use those materials you've created for the revenue stream mentioned above and turn it into an online course. There are all types of writing classes available online, including right here at WOW.
  • Consultant. Depending on your niche, you may be in a position to consult with area businesses about their writing/public relations needs. 
  • Writer. Um, you are a writer. But, why not take what you know best and create a book - printed or digital - that shows the ins and outs of the business or a how-to look at your specialty. Good idea! I am working on an ebook right now.
While you will have to make an initial invest of time to create materials and prepare for talks, the return on the investment will have you smiling, all the way to the bank.

by LuAnn Schindler


Sioux Roslawski said...

LuAnn--You've included wonderful tips...Unfortunately, teaching third grade full time and writing part time doesn't leave me much energy to branch out very far.

However, I will keep your suggestions in mind...

Thanks for a great post.

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